Arbuthnot, the UK small- and mid-cap securities firm, formerly part of Old Mutual, has appointed Paul Havranek from Cazenove to head its research team.

Havranek fills the hole left by Richard Andrews who quit Arbuthnot last year. At Cazenove, he was head of smaller companies research and lead analyst covering the UK small/mid-cap support services sector. He was responsible for designing Cazenove's global research brand and product.